GBP/USD Off Highs, Back Near 1.4640

GBP/USD Off Highs, Back Near 1.4640

19 May 2016, 12:02
Roberto Jacobs
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GBP/USD Off Highs, Back Near 1.4640

After climbing as high as the vicinity of 1.4660 in early trade, GBP/USD has now surrendered some gains and is now hovering over the 1.4630/40 band.

GBP/USD boosted by polls, UK data

Spot is on its way to close its first week with gains after two consecutive pullbacks - including a drop to the 1.4340 area – and is now gaining more than 3 cents on the back of UK referendum polls pointing to a bigger gap favouring a ‘Bremain’ scenario.

Additionally, UK’s Retail Sales have surprised markets to the upside during April, expanding at a monthly pace of 1.3% and reverting March’s drop of 1.3%. Core sales have also expanded 1.5% inter-month, surpassing initial estimates as well.

Ahead in the NA session, US Initial Claims, the Philly Fed manufacturing index and the speech by FOMC’s W.Dudley are all due against the backdrop of a solid sentiment towards the greenback.

GBP/USD levels to consider

As of writing the pair is advancing 0.27% at 1.4640 facing the immediate hurdle at 1.4670 (high Feb.4) followed by 1.4770 (high May 3) and them 14815 (2016 high Jan.4). On the other hand, a breakdown of 1.4500 (20-day sma) would aim for 1.4330 (low May 16) and finally 1.4088 (low Apr.14).


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